I have been tinkering with this off and on since I last posted, only set up a few games so far but it's working great. Only thing I would change are the microswitches. They are really loud clickers, quite stiff and don't feel quite the same as a real fruit machine. I think I'll order a pack of Cherry switches to replace them.
There is a bigger problem though... I today bought an all-in-one touchscreen pc and I now plan on building a full cabinet, albeit a mini one! I couldn't resist, I got it for a great price, its a 24 inch touchscreen and it's old but in excellent condition and importantly it runs MFME just fine. I'll try and upload a video playing it if I can upload it somewhere.
So my new plan is to basically start again, this time making a full, slim, mini cabinet (perhaps 3/4 size), and this time I'll make a much smaller control panel with fewer buttons, since I'll have a touch screen for the rest. I'll aim to add a coin mech + hopper if I can get a small coin mech for cheap. I actually already have one of those cheap crappy silver coin mechs, you've probably seen them before bundled with arcade kits, but as for how reliable they are I don't know.